BYD(SZ:002594) GOLDEN SUN SECURITIES·2025-03-25 10:04Investment Rating - The report maintains a "Buy" rating for BYD [5] Core Views - In 2024, BYD achieved a revenue of 777.1 billion yuan, a year-on-year increase of 29.0%, and a net profit attributable to shareholders of 40.25 billion yuan, up 34.0% year-on-year [1] - The fourth quarter of 2024 met expectations, with a single vehicle net profit of 0.94 million yuan, reflecting a slight increase of 0.1% quarter-on-quarter [1] - Despite fierce price competition in the industry, BYD's profitability continues to improve due to the scale effect driven by popular models [1][2] - The company's gross margin for 2024 was 19.44%, down 0.77 percentage points year-on-year, primarily due to cost reclassification and price wars [2] - The domestic market remains strong, with ongoing support from vehicle replacement policies and a robust product lineup, while global expansion is steadily progressing [2] Financial Summary - Revenue for 2024 was 777,102 million yuan, with a growth rate of 29.0% year-on-year [4] - Net profit attributable to shareholders for 2024 was 40,254 million yuan, with a growth rate of 34.0% year-on-year [4] - The projected net profit for 2025-2027 is 55,483 million yuan, 67,625 million yuan, and 80,146 million yuan, respectively, with corresponding P/E ratios of 21, 17, and 14 times [2][4] - The latest diluted EPS for 2024 is 13.25 yuan, with projections of 18.26 yuan, 22.25 yuan, and 26.37 yuan for the following years [4]